515.14 - MEMBERSHIP IN MUTUALS. - Iowa Statutes

515.14 MEMBERSHIP IN MUTUALS. Any public or private corporation, board, or association in this state, or elsewhere, may make applications, enter into agreements for and hold policies in any such mutual insurance company. Any officer, stockholder, trustee, or local representative of any such corporation, board, association, or estate may be recognized as acting for, or on its behalf for the purpose of such membership, but shall not be personally liable upon such contract of insurance by reason of acting in such representative capacity. The right of any corporation organized under the laws of this state to participate as a member of any such mutual insurance company is hereby declared to be incidental to the purpose for which such corporation is organized and as much granted as the rights and powers expressly conferred.          Section History: Early Form [C73, § 1124; C97, § 1693; C24, 27, 31, 35, 39, § 8907; C46, 50, 54, 58, 62, 66, 71, 73, 75, 77, 79, 81, § 515.14]